authority to purchase

Definition of authority to purchase

: an instrument similar to a letter of credit under which drafts are drawn by the seller or exporter directly upon the buyer or importer rather than on a bank

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Cite this Entry

“Authority to purchase.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/authority%20to%20purchase. Accessed 5 Jul. 2020.

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